Anyone have experience with Credit Acceptance auto loans?

[bevj2]

Due to recent divorce and ex not paying his share of our joint bills like agreed, my credit scores have sunk to the point where I have been denied auto loans everywhere!  There is one dealership, though, and a reputable one (not one of those small fly-by-night ones, this is a large Ford/LM dealer who has been in business for over 15 years) who has "guaranteed credit approval" using Credit Acceptance.  I did some research and found numerous complaints about them on "rip-off report.com", but most were "caused" by the person not paying their loan on time.  I HAVE to get a car (my ex took the one I had, he was the only one on the title/loan even though I have been making payments), and know that I will pay out the nose in interest rates, but at this point I think I have to just deal with it for a year or so until I can get my scores back up and refinance.  Has anyone here had a loan with this company, or know of someone who has?  If so, what was your experience like?  I would really appreciate any input before I move forward with going there... 

Thanks!!!   

[Anonymous]

 I have not personally worked with this company but somethin simuliar happened to a friend of mine. He just got a car from a tote the note place till his credit was up and used the car as a trade in. If you need a car you need a car one way or teh other your going to have to bite the bullet and take what you can get.

11/08/08 Ficos- TU: 804 Ex:789 EQ:770

[Lance66]

I have had experience with them.  Years ago, just after my bankruptcy, I couldn't get

financed and a local Chevy dealer used Credit Acceptance.  The interest was really high

but when you are in that kind of position, you just have to do what you have to do.  As long

as you make your payments on time, it should be fine.  If you are one day late, they will be

calling you.  Like I said, my experience was okay with them until my car got stolen and

recovered completely stripped and the insurance company totaled it.  Of course, the insurance

company didn't pay off the total loan amount and there was no gap insurance, so, I did have

Credit Acceptance hounding me for the balance on the loan for a quite a while until I finally

got it all paid off.  In the mean time, I got a newer, nicer car and got financed through a

company called CPS (Consumer Portfolio Services... in fact...I went on to have 3 more loans

with that company before switching to Capital One for the next 2 loans).  Any way, good

luck with your situation, I can totally identify with where you are at.  Just use the Credit

Acceptance thing as a stepping stone.. keep the car for a while and then try again for

another car with better financing and trade that one in. 

[bevj2]

Thanks for your reply!  You're right, I'm stuck with this situation, but I'm willing to eat it in the short run.  If I had some savings, I would just buy a "junk" car to get by, but I don't even have that.  Times are tough...  It SOOOO sucks, but I'm willing to do what I have to do for right now.  I was just worried about all of the complaints I saw about the company.  I'm still thinking about it, will update once I make a decision.  Thanks again for your reply!!!! 

[Anonymous]

I have been a victim of this company and I have been making payment and I don't know how much I owe. They financed this 2000 Ford Explorer with 100,000 miles on it and without a sticker at the driver side. I took this Truck trough Daniel's Automotive and after a while they closed the Dealer down because of fraud issues. Now I was out of work because I have a collapsed lung and I could't make the payments and now they are treatening me with repoing my car.

[ZX10Guy]

A few years ago, my credit wasn't that good due to some bad student loans and lack of credit.  I knew I wasn't in a great situation.  I wound up using Credit Acceptance at a very high interest rate.  I made all my payments on time and paid off my car.  At every turn Credit Acceptance was an awesome company to work with.  They were always a phone call away and gave me good advice at the end of my loan.

If you are out of options, I would say they're a good company if you're able to stomach the high interest rates.

After I completed my loan, my credit looked much better and I turned around and bought my first brand new car using a more conventional lender at a more reasonable interest rate. 

Credit Acceptance really gave me a good opportunity to rebuild my credit. 

Just make sure you buy a good car that will stick with you for the duration of your loan so that you can sell it later and won't find yourself in a deep hole owing alot more than the car is worth (i.e., do your homework and get a reasonable car).

[Anonymous]

1-They are a lender willing to lend to you

2-They will have onerous interest rates

3-Do not buy any car that will not be "reliable" enough to last the terms of the loan.

4-Their customer service is walled off they are very hard to reach and do things with their is no direct dial number 

understand a significant numbe rof their customers default and get repoed=

make payments on time and hopefully for more then owed to pay off early

They will help you reestablish

[Anonymous]

I have an active account with Credit Acceptance and I was suppose to pay 4290.88 in finance charges however to date I have already paid 4700.27 and they refuse to audit the account. I have also been on the phone with several managers who refuse to fix this problem. What they are saying to me is that because the payments are late they will continue to adjust the finance charges on the unpaid balance. But according to my Retail Installment Contract there late payments are subject to a 2% late fee, however Credit Acceptance is tacking on hundreds of dollars at a time as late fees. They are such a rip off they will do anything to get your money. SO MY ADVICE IS STAY AWAY FROM THESE CREDITORS. I filed a complaint with the BBB in Michigan they have not responded therefore the complaint has been closed. I feel like there is no one to help me so It looks like I have to pay off this balance which is two additional payments because they are aloud to break the law by using the law. THEY ARE THE WORST CREDITORS IN THE WORLD. WARN EVERYONE YOU KNOW TO STAY AWAY FROM THEM.

[sherrrm]

First of all, "guaranteed credit" is a scam...everyone is "guaranteed" because sure if you put $9,999 down on a $10,000 car they'll finance you! lol. Anyways, bite the bullet and take the high interest. Try to get a longer term so you'll have lower monthly payments and pay more each month than your scheduled payment because that amount will be applied to the principal of the loan which knocks out that interest rate in the long run. Once you've made your payments on time for a while, it'll be much easier to get another bank to finance you later.

[ngerasimatos]

If you cannot get a co-signer, and this is your only viable option and you NEED a car. Then this looks to be your only choice, for better or worse. 

As you stated, the only complaints I have read are regarding their treatment individuals with late payments, no matter if its the persons fault of their own fault with record keeping. To them, late is late, no matter who is responsible for the situation. 

Going into this, knowing who your lender will be, I see no issue moving forward. I would just be very proactive in making payments and making sure they are positing correctly and on time. Hard money lenders SUCK but when its do or die... it leaves little choice.